Novo Nordisk A/S
NVOSummary
NVO at a glance
Novo Nordisk (NVO) closed at $40.00 on Oct 30, 2026. The models produced no usable value for it on this snapshot.
In Q2 FY2026, the latest quarter on file, revenue grew 2% on a year earlier to $78.5B, with an operating margin of 34.5%. Over the twelve months to Q2 FY2026, free cash flow was $48.9B.
Among the superinvestors tracked here, Dodge & Cox added and Sarah Ketterer added. The latest filing is a 6-K (current report (foreign issuer)), filed Oct 26.
Price and model value
What the marks mean
Valuation
All 0 models →The models produced no usable value for NVO on this snapshot.
NVO files its statements in DKK while the price is quoted in USD. The models are not run across that gap — a per-share value in one currency set against a price in another would be off by the exchange rate — so this page shows no model value. The filed figures are on the financials tab, as reported.
Every model
Against its peers and its past
| NVO | Peers' median | Own 5-yr median | |
|---|---|---|---|
| P/E · last fiscal year | — | 28.8× | 35.2× |
| Free cash flow yield | — | 3.3% | |
| Operating margin | 41.3% | 31.0% | |
| Revenue growth | 6.4% | 7.3% |
Peers are the comparable companies below; the five-year median is at each fiscal year's close.
What the price implies
The free cash flow growth for five years, then a fade to 2.5%, at which today's price is a fair value — discounted at 10.0%. The reverse DCF →
Quant
Quant grade over time →NVO is not on the Quant model's list.
Growth and forecasts
Every estimate →Analysts expect revenue to grow 2.1% a year over the next 3 years, against 19.5% a year over the last five.
| Revenue | Growth | EPS | Growth | Analysts | |
|---|---|---|---|---|---|
| FY2024 | $290.4B | +25.0% | $22.63 | +21.5% | reported |
| FY2025 | $309.1B | +6.4% | $23.03 | +1.8% | reported |
| FY2026E | $304.4B | −1.5% | $22.25 | −5.5% | 16 |
| FY2027E | $309.6B | +1.7% | $22.10 | −0.7% | 15 |
| FY2028E | $328.7B | +6.2% | $23.88 | +8.0% | 6 |
- Revenue, last 5 years
- 19.5% a year
- Consensus, next 3 years
- 2.1% a year
The analysts' estimates, as FMP collects them — their figures, not this site's. Reported EPS is GAAP diluted.
Financials
Full statements →In Q2 FY2026, the latest quarter on file, revenue grew 2% on a year earlier to $78.5B, with an operating margin of 34.5%. Over the twelve months to Q2 FY2026, free cash flow was $48.9B.
| Latest | Year before | Change | |
|---|---|---|---|
| Revenue | $329.4B | $311.9B | +6% |
| Operating income | $142.1B | $142.8B | −0% |
| Net income | $116.4B | $111.1B | +5% |
| Free cash flow | $48.9B | $61.6B | −21% |
| Diluted EPS | $26.19 | $24.94 | +5% |
- Cash and investments
- $45.0B
- Total debt
- $140.1B
Dividends
- Dividends / free cash flow, FY2025
- 178.6%
- Raised
- 6 years in a row
- Growth, 5 yrs
- 19.5% a year
- Last change
- −52.4% · Aug 2026
Profitability and health
Every ratio →Operating margin 41.3% in fiscal 2025, against 41.7% in 2021; net debt of $95.1B at the latest quarter.
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | |
|---|---|---|---|---|---|---|
| Gross margin | 83.2% | 83.9% | 84.6% | 84.7% | 81.0% | |
| Operating margin | 41.7% | 42.3% | 44.2% | 44.2% | 41.3% | |
| Net margin | 33.9% | 31.4% | 36.0% | 34.8% | 33.1% | |
| Return on equity | 67.5% | 66.5% | 78.5% | 70.4% | 52.8% | |
| Debt to equity | 0.38× | 0.31× | 0.25× | 0.72× | 0.67× | |
| Interest coverage | 202.92× | 197.91× | 189.25× | 78.26× | 30.34× | |
| Current ratio | 0.86× | 0.89× | 0.82× | 0.74× | 0.80× |
Peers
Peers in full →NVO beside 6 comparable companies, chosen by business, not by industry label.
| Company | Market value | P/E | FCF yield | Gross margin | Op. margin | Revenue growth | Valuation | Quant |
|---|---|---|---|---|---|---|---|---|
| NVO Novo Nordisk A/S | $176.4B | n/m | — | 81.0% | 41.3% | +6.4% | – | – |
| LLY Eli Lilly and Company | $1.3T | 61.8× | 0.7% | 83.0% | 45.6% | +44.7% | D | S |
| JNJ Johnson & Johnson | $657.7B | 24.8× | 3.0% | 67.9% | 27.2% | +6.0% | B | A |
| ABBV AbbVie Inc. | $521.1B | 124.4× | 3.4% | 70.2% | 32.9% | +8.6% | A | S |
| MRK Merck & Co., Inc. | $368.9B | 20.5× | 3.4% | 72.0% | 36.2% | +1.2% | S | A |
| AMGN Amgen Inc. | $251.9B | 32.8× | 3.2% | 70.8% | 29.1% | +9.9% | B | A |
| PFE Pfizer Inc. | $174.0B | 22.4× | 5.2% | 70.3% | 24.7% | −1.7% | S | B |
Ownership
Every holder →| Dodge & Cox | added | $977.8M |
| Thomas Gayner | held | $108.8M |
| Sarah Ketterer | added | $80.4M |
| Lee Ainslie | reduced | $79.3M |
Wall Street
Every firm →3 firms published a price target in the last 90 days: the median is $40.00, 0% below the close.
Third-party ratings and targets, quoted as the firms published them — not this site's view.
Analyst actions
News and filings
All news →About
Company profile →Novo Nordisk A/S is a global pharmaceutical firm dedicated to the investigation, creation, manufacturing, and distribution of medicinal products across a vast international footprint. Its market presence extends throughout Europe, the Middle East, Africa, various parts of Asia (including Mainland China, Hong Kong, and Taiwan), and North America. The company's operations are structured into two principal business units: Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity Care division delivers therapies for diabetes, obesity, cardiovascular ailments, and other emerging therapeutic areas. Meanwhile, the Rare Disease division concentrates on providing treatments for rare blood disorders, uncommon endocrine conditions, and hormone replacement solutions. In addition to its core pharmaceutical offerings, Novo Nordisk produces specialized medical equipment such as insulin pens, growth hormone pens, and injection needles. It also pioneers smart digital solutions for diabetes management, including advanced insulin pens and the Dose Check application, designed to guide insulin dosage. The company engages in strategic alliances, notably a partnership with UNICEF to combat childhood obesity and a collaboration with Valo Health, Inc. to discover and advance novel drug pipelines in the cardiometabolic space. Founded in 1923, Novo Nordisk A/S is headquartered in Bagsvaerd, Denmark.
- CEO
- Maziar Mike Doustdar
- Employees
- 68,794
- Headquarters
- Bagsvaerd, CR
- Listed
- 1981
Research on NVO
Model estimates and grades for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; each section is explained in the manual.